Latest / Earn Your Leisure / THE TRUTH ABOUT LIFE INSURANCE, 401(k)s & THE $120 TRILLION WEALTH TRANSFER 💰

Transcript

THE TRUTH ABOUT LIFE INSURANCE, 401(k)s & THE $120 TRILLION WEALTH TRANSFER 💰 · Earn Your Leisure

• 0:00
  Speaker 1: Have you ever met anybody that wouldn't eventually pass away?
• 0:03
  Speaker 1: So there's a client for us everywhere.
• 0:05
  Speaker 2: The four to one K is the worst retirement vehicle
• 0:08
  Speaker 2: in America. You look up thirty forty years and you like,
• 0:10
  Speaker 2: where is my money?
• 0:11
  Speaker 3: This largest wealth transfer in history is about to take place?
• 0:14
  Speaker 3: How can families prepare themselves for this?
• 0:16
  Speaker 1: For whatever investment vehicle you have successfully passes the laser test,
• 0:21
  Speaker 1: is my money liquids?
• 0:22
  Speaker 4: Say?
• 0:22
  Speaker 1: Freight of return? And are there any tax advantages?
• 0:25
  Speaker 2: One of the most important things is securing a payment
• 0:29
  Speaker 2: for the rest of your life that won't run out.
• 0:31
  Speaker 3: Why every black man in America needs to at least
• 0:34
  Speaker 3: a million dollars of life insurance.
• 0:35
  Speaker 2: Give your kids the birth right that you didn't have.
• 0:38
  Speaker 2: We gotta stop thinking that, oh, they're not gonna get
• 0:40
  Speaker 2: rich off of me, But that's why we're still in poverty.
• 0:42
  Speaker 5: We could be broke off of you.
• 0:43
  Speaker 1: We all have an exploration date. Why not be prepared
• 0:46
  Speaker 1: for that.
• 0:47
  Speaker 2: Don't think of it as a death plan, think of
• 0:49
  Speaker 2: it as a life plan.
• 0:51
  Speaker 6: At what age should we start getting these affairs in order?
• 0:53
  Speaker 1: Everybody needs a life insurance policy as early as two
• 0:56
  Speaker 1: weeks old and instead of investing ten thousand dollars in
• 0:59
  Speaker 1: a gender reveal or baby shower. I put that into
• 1:02
  Speaker 1: an index universal life insurance policy.
• 1:04
  Speaker 7: Why is it a good career path for an agent to.
• 1:07
  Speaker 4: Go into financial services?
• 1:09
  Speaker 1: Is the number one industry in the world most likely
• 1:11
  Speaker 1: to make you a millionaire? Every single day people pass away,
• 1:14
  Speaker 1: every day people retire, and every day new people are born.
• 1:17
  Speaker 4: Our industry covers all three.
• 1:21
  Speaker 3: All right, guys, welcome back, eyl. We got a special episode.
• 1:24
  Speaker 3: We have Ellis and Jasmine Sazo.
• 1:27
  Speaker 6: Yeah, I said it correctly, by way of New Orleans,
• 1:32
  Speaker 6: our way Shottown.
• 1:34
  Speaker 5: We got it all covered.
• 1:35
  Speaker 2: We do.
• 1:35
  Speaker 5: We got it all covered.
• 1:37
  Speaker 7: Co founders of the Wealth Academy.
• 1:39
  Speaker 3: Yes, rapidly growing financial firm focused on securing families futures.
• 1:45
  Speaker 3: Now you have over his fifteen hundred agents.
• 1:48
  Speaker 7: Is that correct?
• 1:48
  Speaker 4: Yes, that's correct.
• 1:49
  Speaker 7: Okay, over ten million dollars in sales.
• 1:51
  Speaker 6: Yeh.
• 1:53
  Speaker 3: So we're going to have a great conversation about legacy building,
• 1:57
  Speaker 3: financial planning, financial services, you know, all the things that
• 2:00
  Speaker 3: are accustomed to us. But first and foremost, and of
• 2:03
  Speaker 3: course you're married, So we got to have that conversation
• 2:05
  Speaker 3: as well as far as you know, working on the
• 2:07
  Speaker 3: spouse and growing a company as a family company. So,
• 2:11
  Speaker 3: first and foremost, thank you for joining.
• 2:12
  Speaker 2: Us, Thank you for having us.
• 2:14
  Speaker 5: We appreciate you all being here.
• 2:16
  Speaker 6: Shotty Advacy comes from a background of financial services. I
• 2:19
  Speaker 6: obviously am married. We had to learn today, we had
• 2:24
  Speaker 6: to learn today. I'm excited for y'all. Yeah, So let's
• 2:27
  Speaker 6: start it from there.
• 2:28
  Speaker 3: For people that may not be familiar with the Wealth Academy, right, like,
• 2:31
  Speaker 3: can you explain exactly what your company is and how
• 2:34
  Speaker 3: did they get started.
• 2:36
  Speaker 4: So I can take a start a stab at that.
• 2:39
  Speaker 1: So, the Wealth Academy is a national life, health and
• 2:42
  Speaker 1: wealth brokerage. We specialize in teaching people how to build wealth,
• 2:46
  Speaker 1: specifically leveraging the life insurance industry.
• 2:49
  Speaker 4: And while they're.
• 2:49
  Speaker 1: Alive, I would say a lot of people know us
• 2:53
  Speaker 1: by way of retirement planning and properly structuring life insurance.
• 3:00
  Speaker 1: You may know them as cash value policies and we
• 3:02
  Speaker 1: can get into that later. But that's the service arm
• 3:06
  Speaker 1: of our company. The other arm is we actually attract, train,
• 3:11
  Speaker 1: and develop the next generation of licensed brokers. So we're
• 3:15
  Speaker 1: a little under two thousand licensed professionals in our company
• 3:19
  Speaker 1: today with five physical locations spanning from Chicago, Dallas, Atlanta,
• 3:25
  Speaker 1: South Carolina in South Bend, Indiana.
• 3:27
  Speaker 7: Do you work with one particular company or are you
• 3:30
  Speaker 7: do you use like a variety of.
• 3:31
  Speaker 4: Different companies of variety?
• 3:33
  Speaker 2: Yep?
• 3:33
  Speaker 7: So you're independent, correct, yep.
• 3:36
  Speaker 4: So we're brokerage.
• 3:37
  Speaker 1: So under our portfolio suite, we have over twenty five
• 3:41
  Speaker 1: of the nation's top Fortune one hundred companies.
• 3:44
  Speaker 5: Impressive. So how did we get to this point?
• 3:48
  Speaker 2: Right?
• 3:48
  Speaker 6: I love seeing us in financial services, but that's not
• 3:52
  Speaker 6: always the traditional path. I want to individually us. How
• 3:55
  Speaker 6: you got to this point? Or did Jasmine? You said, look,
• 3:58
  Speaker 6: she's doing something over there. Who introduced who to this?
• 4:01
  Speaker 6: How do we get here?
• 4:03
  Speaker 2: Man? At such a you know, such a great story, man,
• 4:06
  Speaker 2: But essentially, you know, we all talk growing up. You
• 4:08
  Speaker 2: gotta get education, right, and so New Orleans coming up,
• 4:11
  Speaker 2: you know, not seeing much success. I wind up being
• 4:14
  Speaker 2: a teen parent. My grandmother said, man, well you ruined
• 4:17
  Speaker 2: your life, you know. So I'm like, well, I got
• 4:19
  Speaker 2: to do something else. So I got into school because
• 4:21
  Speaker 2: that's what everybody said you gotta do. So I got
• 4:23
  Speaker 2: a degree in engineer and move to Chicago. And so
• 4:25
  Speaker 2: as I'm working up the corporate ladder. Meet Jazz when
• 4:28
  Speaker 2: we get married, and she started noticing that I wasn't
• 4:32
  Speaker 2: doing much of anything. You know, I kind of made it,
• 4:34
  Speaker 2: you know, your life. Yeah, you know, I'm working every day,
• 4:37
  Speaker 2: working sixty seventy our work weeks. I'm traveling, you know,
• 4:41
  Speaker 2: I'm making over six figures as an engineer, youngest black
• 4:45
  Speaker 2: engineer you know in the company. I kind of, you know,
• 4:47
  Speaker 2: got into a niche lane and I'm doing good, but
• 4:50
  Speaker 2: I'm not excited. Right, I'm just doing that and I'm
• 4:53
  Speaker 2: still living check to check. Right, Morgan is over thirty
• 4:56
  Speaker 2: five hundred, and Jazz is like, what you're gonna do?
• 4:59
  Speaker 2: Be cause you just keep com I'm at home playing
• 5:00
  Speaker 2: the Xbox. That ain't gonna work, you know what I'm saying.
• 5:04
  Speaker 5: Something about that? Don't you playing at it?
• 5:07
  Speaker 2: I was playing mad and you know, Haylo, call of
• 5:09
  Speaker 2: duty all. I was doing all of that. And she
• 5:13
  Speaker 2: was like, look, man, I love an ambitious man, and
• 5:15
  Speaker 2: right now you're not showing me ambition. And I said, okay, cool,
• 5:19
  Speaker 2: Well I gotta find something. So I started praying, started
• 5:22
  Speaker 2: praying for an opportunity. A friend introduced me to another gentleman.
• 5:26
  Speaker 2: You know, in Chicago, got in financial services, and I
• 5:30
  Speaker 2: was doing that, introduced it to jazzmin and Jazz was like,
• 5:33
  Speaker 2: you want to sell life insurance? Boy, cut it out.
• 5:37
  Speaker 2: I don't nobody do that right, Nobody wants to really
• 5:40
  Speaker 2: do that. No one wants to talk about death. You're
• 5:42
  Speaker 2: an engineer. You should just stick to that. And I said, nah,
• 5:45
  Speaker 2: I gotta I want something more for our family. You know,
• 5:48
  Speaker 2: these people are saying I can be successful. I see success.
• 5:51
  Speaker 2: Let me give it a stab. You know. So that's
• 5:53
  Speaker 2: how we got it.
• 5:55
  Speaker 1: Yeah, yeah, So I very similar introduction. Born and raised
• 6:01
  Speaker 1: in Chicago. Was taught that the more degrees, the more income.
• 6:06
  Speaker 1: And so that was me. Graduated from Howard University with
• 6:10
  Speaker 1: a degree in political science. I went back and got
• 6:13
  Speaker 1: another degree in public policy. All roads for me were
• 6:17
  Speaker 1: leading to law school. We by all, I would say,
• 6:21
  Speaker 1: academic standards have no business being in finance. Our degrees
• 6:25
  Speaker 1: are engineering and public policy and pre law. So here
• 6:30
  Speaker 1: I am getting ready gearing up for Northwestern Law school,
• 6:33
  Speaker 1: and I'm excited, and one day it hit me like
• 6:37
  Speaker 1: a ton of bricks. I don't know how money works.
• 6:40
  Speaker 1: And if I don't learn the rules to the money game,
• 6:43
  Speaker 1: it doesn't matter how much money I make. I'll never
• 6:46
  Speaker 1: master this game. I'll never win at this I'll never
• 6:48
  Speaker 1: really get ahead because I'm living check to check. My
• 6:51
  Speaker 1: husband and I at the time, we were making six
• 6:54
  Speaker 1: figures independently in corporate America and still didn't know how
• 6:58
  Speaker 1: money worked.
• 6:58
  Speaker 4: We didn't know how tax this work.
• 7:01
  Speaker 1: Everybody was talking about being rich, but nobody was talking about.
• 7:04
  Speaker 4: How to build real wealth that outlives you.
• 7:08
  Speaker 1: And so we started having really tough conversations as a
• 7:12
  Speaker 1: husband and wife. You know about man, what do you
• 7:15
  Speaker 1: want your legacy to be? You know what are we
• 7:17
  Speaker 1: doing this for? Are we doing this to vacation one
• 7:20
  Speaker 1: or two times a year? You know what's the end goal?
• 7:23
  Speaker 1: And what do we want our children to inherit? Is
• 7:26
  Speaker 1: it just the last name?
• 7:28
  Speaker 4: Is it?
• 7:29
  Speaker 1: You know the degrees? They can't inherit the degree. So
• 7:32
  Speaker 1: we started. I was very reluctant. I'm not a salesperson
• 7:37
  Speaker 1: by trade. I'm certainly not a math person. I told
• 7:40
  Speaker 1: you my degree was in political science. But I am
• 7:44
  Speaker 1: a family person, and building a business in an industry
• 7:51
  Speaker 1: that educates and protects people how money works was a
• 7:53
  Speaker 1: very notable cost for us. So I started out just
• 7:57
  Speaker 1: kind of helping on the back end within the wealth
• 7:59
  Speaker 1: of cat of me in terms of infrastructure systems, and
• 8:03
  Speaker 1: then gradually made my way on the front end and we've.
• 8:07
  Speaker 4: Scaled to multiple locations since then.
• 8:10
  Speaker 3: Okay, so okay, So now so you you both are
• 8:13
  Speaker 3: in the financial service businesses, you decide that you want
• 8:15
  Speaker 3: to start your own company because you are working for
• 8:17
  Speaker 3: a company at first.
• 8:18
  Speaker 2: Right, hold the sown no, no, no, so well we
• 8:22
  Speaker 2: partnered in independent with a brokerage firm. Okay, right, so
• 8:25
  Speaker 2: we developed our own independent But like when you first
• 8:27
  Speaker 2: started on life insurance, I was under a brokerash with integrity.
• 8:31
  Speaker 7: And then you and then you start doing your own thing.
• 8:33
  Speaker 2: Yeah, so we were still under the umbrella all right,
• 8:35
  Speaker 2: but it was still independent with their partner.
• 8:37
  Speaker 3: That's your broken deala Yeah. So you have an idea
• 8:40
  Speaker 3: that you want to, you know, do this full fledge.
• 8:45
  Speaker 3: What is the first steps to scaling the business? Like,
• 8:49
  Speaker 3: how do you start recruiting agents or do you just
• 8:52
  Speaker 3: work on your book of business first?
• 8:55
  Speaker 2: I think I started a little bit of both at
• 8:57
  Speaker 2: the same time. I mean, obviously, to begin, you got
• 8:59
  Speaker 2: to get your life, you know, you got to make
• 9:01
  Speaker 2: the decision here, I want to get in this, learn
• 9:02
  Speaker 2: the products and stuff, you know, and then from there,
• 9:06
  Speaker 2: you know, it's like, okay, I want to the money
• 9:08
  Speaker 2: is in distribution, right. So for me, when I got
• 9:11
  Speaker 2: in the industry, I'd be quite honest with you, I
• 9:13
  Speaker 2: was looking for a path on, you know, how to
• 9:15
  Speaker 2: get rich, right, and something that wasn't trendy, something that's
• 9:19
  Speaker 2: you know, I could really get behind I believe in,
• 9:21
  Speaker 2: and something that can help people. And so when I
• 9:23
  Speaker 2: learned about insurance how I work, I'm like, man, I
• 9:26
  Speaker 2: could really get behind this and do it. And I'm like, man,
• 9:29
  Speaker 2: other people need to come with me, right, So yes,
• 9:32
  Speaker 2: you need to, you know, do both. At the same time.
• 9:35
  Speaker 2: You need to understand that building distribution requires you bringing
• 9:39
  Speaker 2: people with you, helping them get license. Absolutely.
• 9:42
  Speaker 6: What's the time frame of this because I remember when
• 9:45
  Speaker 6: he was starting and it was he's like, yo, if
• 9:48
  Speaker 6: you know anybody, I need this referral and he's like,
• 9:52
  Speaker 6: if you know five people? And then social media kind
• 9:54
  Speaker 6: of came and changed that. So what's the time frame
• 9:57
  Speaker 6: that this is happening and what was your strategy?
• 10:00
  Speaker 1: That's a great question. So when we first started the
• 10:03
  Speaker 1: Wealth Academy in twenty eighteen. It was a year before
• 10:05
  Speaker 1: the COVID pandemic. And to kind of piggyback to Rashad's question,
• 10:11
  Speaker 1: we first started with ourselves, because you can't recruit somebody
• 10:15
  Speaker 1: into something when you don't know what you're doing. So
• 10:17
  Speaker 1: we needed to build the infrastructure, the systems, the CRMs,
• 10:22
  Speaker 1: the marketing strategy, strengthening our relationships with our carriers, becoming
• 10:27
  Speaker 1: product experts, not becoming a person who specialized in one
• 10:31
  Speaker 1: particular carrier, one particular product. It was very important that
• 10:36
  Speaker 1: we invested in understanding, you know, which carrier was right
• 10:40
  Speaker 1: for which demographic. I have some carriers who are higher
• 10:43
  Speaker 1: net worth, you know, more affluent communities. I have some
• 10:47
  Speaker 1: carriers that are going to be for you know, underserved communities,
• 10:51
  Speaker 1: middle market America, and so I just wanted to kind
• 10:55
  Speaker 1: of clarify that. We definitely started with what are we
• 10:58
  Speaker 1: doing right? What is the industry at a high level,
• 11:02
  Speaker 1: what are the systems, the best CRMs, the proven blueprints,
• 11:06
  Speaker 1: And then we implemented what worked into the Wealth Academy.
• 11:10
  Speaker 4: To your point, how did we start? Was it marketing?
• 11:15
  Speaker 4: Was that what you say?
• 11:16
  Speaker 7: Yet?
• 11:16
  Speaker 5: Marketing getting referras, having people become aware of the business.
• 11:20
  Speaker 1: So we built the Wealth Academy through community partnerships. From inception,
• 11:26
  Speaker 1: you know, you're going to have that word of mouth,
• 11:28
  Speaker 1: but that only goes so far. You're going to exhaust
• 11:31
  Speaker 1: your warm market pretty soon. And nobody wants to be
• 11:34
  Speaker 1: the friend or family member that people no longer want
• 11:36
  Speaker 1: to invite over.
• 11:37
  Speaker 4: To the house.
• 11:37
  Speaker 1: Right for the cloth's got something exactly, and so we
• 11:41
  Speaker 1: quickly learned that we needed to generate our own leads.
• 11:45
  Speaker 1: Now here's the thing about our industry. Have you ever
• 11:48
  Speaker 1: met anybody that wouldn't eventually pass away? Never, So there's
• 11:53
  Speaker 1: a client for us everywhere. The first thing that we understood,
• 11:57
  Speaker 1: and the rule of business is I don't have a
• 12:00
  Speaker 1: real business until you look around and there's nothing but
• 12:03
  Speaker 1: total and complete strangers who support you. So we re
• 12:07
  Speaker 1: realized very fast we don't have a real business if
• 12:09
  Speaker 1: only our family members and friends wanted to buy from us.
• 12:12
  Speaker 1: So our approach was partnering with companies, churches, schools, hospitals, restaurants, hotels,
• 12:20
  Speaker 1: small businesses, barbershops, spas. I mean, we would go in
• 12:26
  Speaker 1: and meet with the business owners, the small business owners,
• 12:29
  Speaker 1: and we would teach them how they could do succession planning,
• 12:32
  Speaker 1: preserve their assets and reduce tax implications. And from there,
• 12:38
  Speaker 1: I mean, the referral started coming from business to business.
• 12:41
  Speaker 4: It's how we really grew now.
• 12:44
  Speaker 1: Obviously, when we would go and facilitate workshops within churches.
• 12:48
  Speaker 1: I actually just did a huge workshop for a women's
• 12:52
  Speaker 1: conference at a large church in Atlanta with over five
• 12:55
  Speaker 1: hundred women. You have individuals right who signing up for
• 12:58
  Speaker 1: wealth building consoles the result of that.
• 13:01
  Speaker 4: But for the.
• 13:01
  Speaker 1: Most part, our target audience is entrepreneurs, business owners.
• 13:06
  Speaker 4: Yeah.
• 13:07
  Speaker 7: So okay, so let's have this conversation.
• 13:10
  Speaker 3: This largest wealth transfer and history it's about to take place, right,
• 13:15
  Speaker 3: So what does that mean? And how can families prepare
• 13:19
  Speaker 3: themselves for this?
• 13:21
  Speaker 2: Yeah, there's one hundred and twenty trillion dollars sitting in
• 13:24
  Speaker 2: baby boomer accounts and it's to call the Great Wealth Transfer.
• 13:27
  Speaker 2: And essentially what's happening is the Baby boom is still
• 13:30
  Speaker 2: the largest generation in America and they have all the
• 13:32
  Speaker 2: money in America, right, and they don't know what to
• 13:35
  Speaker 2: do with Many of them don't know what to do
• 13:37
  Speaker 2: with the money. And where is the money sitting at
• 13:38
  Speaker 2: It's sitting in retirement plans right from pensions to for
• 13:42
  Speaker 2: one case, iras, to mutual funds, whatever it is, it's
• 13:45
  Speaker 2: sitting in those accounts. And most Americans sixty years and older,
• 13:49
  Speaker 2: they don't know what to do with that money, and
• 13:51
  Speaker 2: they need help, right, and so they don't really have
• 13:54
  Speaker 2: trusted individuals that they can go to a lot of
• 13:57
  Speaker 2: financial advisors, you know, they only meet with people who
• 14:00
  Speaker 2: have a certain amount of funds, right, and so they
• 14:03
  Speaker 2: need people, you know, that can help them with sixty thousand,
• 14:06
  Speaker 2: hundred thousand. They need help that if they don't have anything, right.
• 14:11
  Speaker 2: And so with a great wealth transfer, people are looking
• 14:14
  Speaker 2: for options, and how they can prepare is understanding what's
• 14:18
  Speaker 2: available from financial advisors, what's available from life insurance companies,
• 14:22
  Speaker 2: what's the full scope of plans out there, and what's
• 14:26
  Speaker 2: the best one for me? And so that's where we
• 14:28
  Speaker 2: come in and we talk a lot about, you know,
• 14:30
  Speaker 2: annuity planning. Right, maybe a fixed index annuity could be
• 14:33
  Speaker 2: beneficial for you. So explain what a fixed index annuity is.
• 14:38
  Speaker 2: So essentially and plain english, is a personal pension plan. Right.
• 14:41
  Speaker 2: It helps protect whatever money you put into it one
• 14:44
  Speaker 2: hundred percent principle protection. It grows using an index from
• 14:49
  Speaker 2: the stock market right like the S and P five hundred.
• 14:52
  Speaker 2: What that means specifically is it allows you to earn
• 14:54
  Speaker 2: interests from the SMP but not have to worry about losses.
• 14:58
  Speaker 2: Now you may have a cap right can have all
• 15:00
  Speaker 2: the gains, right, but you can have a good portion
• 15:03
  Speaker 2: of the games have a floor zero, which means you
• 15:05
  Speaker 2: don't have to lose anything. And then as well as
• 15:08
  Speaker 2: in retirement, provides you a lifetime income, right, and that
• 15:13
  Speaker 2: is one of the most important things, is securing a
• 15:16
  Speaker 2: payment for the rest of your life that won't run out,
• 15:19
  Speaker 2: especially what we have with Social Security. You know what
• 15:22
  Speaker 2: they're saying about their trust fund running out and cutting
• 15:25
  Speaker 2: back twenty seven percent of what people are going to
• 15:28
  Speaker 2: be able to receive, right, So it's a huge crisis
• 15:31
  Speaker 2: right now, you know. But that's what an annuity can do.
• 15:34
  Speaker 4: Yeah, I want to quickly add to that.
• 15:35
  Speaker 1: One of the things that we teach our clients is
• 15:39
  Speaker 1: the Laser test. The way that you properly prepare for
• 15:42
  Speaker 1: this great wealth transfer is making sure whatever investment vehicle
• 15:46
  Speaker 1: you have successfully passes the laser test. Is my money liquid,
• 15:51
  Speaker 1: is my money safe? Is there a guaranteed rate of return?
• 15:54
  Speaker 1: And are there tax advantages Again, is my money liquid, safe,
• 15:58
  Speaker 1: rate of return? And are there any tax advantages? And
• 16:02
  Speaker 1: so once we check off all of those boxes, I mean,
• 16:06
  Speaker 1: and by the way, that's actually what baby boomers right
• 16:09
  Speaker 1: now are looking for. They've done the variable vehicles where
• 16:13
  Speaker 1: you can gain and you can lose, and there's a
• 16:15
  Speaker 1: place for that in all of our.
• 16:17
  Speaker 4: Wealth building portfolio.
• 16:18
  Speaker 1: There's absolutely nothing wrong with riskier opportunities. But the older
• 16:22
  Speaker 1: you get, the less likely you are comfortable losing your
• 16:25
  Speaker 1: retirement saving.
• 16:26
  Speaker 7: What do you say to people or that say annuities
• 16:28
  Speaker 7: are expensive? Peez?
• 16:32
  Speaker 2: Well, typically we don't. We deal with companies that have
• 16:36
  Speaker 2: no fees, especially if it's just for an accumulation period,
• 16:39
  Speaker 2: meaning they just wanted to sit and grow. There's many
• 16:42
  Speaker 2: carriers that don't offer any fees because it's just sitting there, right.
• 16:45
  Speaker 2: And then for those that's looking for, for example, like
• 16:48
  Speaker 2: a lifetime income, those fees are less than one percent,
• 16:53
  Speaker 2: you know, And so if you deal with any you know,
• 16:56
  Speaker 2: specific variable account, it could be anywhere with one to
• 16:59
  Speaker 2: three percent. And so sometimes as well, even with those
• 17:03
  Speaker 2: even with that fee, there's bonuses that the insurance company
• 17:07
  Speaker 2: will give you two as well. So the fee the
• 17:11
  Speaker 2: perks of what you get outweighs the fee by a mile, right,
• 17:15
  Speaker 2: And even some of the annuities we carry have an
• 17:19
  Speaker 2: impairment rider which is like a long term care writer
• 17:21
  Speaker 2: built in so it can even double the payment for
• 17:24
  Speaker 2: the client as they get older. So as far is
• 17:26
  Speaker 2: outweigh any fee that it has.
• 17:28
  Speaker 6: You said you got started in twenty eighteen, and which
• 17:32
  Speaker 6: is interesting because we've seen an influx of entrepreneurs and
• 17:36
  Speaker 6: we talked to a lot of entrepreneurs. Some of them
• 17:39
  Speaker 6: know business, some don't. Some get money, but they don't
• 17:43
  Speaker 6: have the long term vision. I wonder as you're talking
• 17:46
  Speaker 6: to entrepreneurs, like what's the first couple of steps that
• 17:49
  Speaker 6: you're trying to get them to understand? Is the mindset shift?
• 17:52
  Speaker 6: Like how do you approach the new age entrepreneur who
• 17:54
  Speaker 6: started a business over the last five years, has money,
• 17:58
  Speaker 6: here's the term generational wealth, has no idea how to
• 18:01
  Speaker 6: get to that point?
• 18:03
  Speaker 1: Yeah, I think the first thing that we would tell
• 18:05
  Speaker 1: them is you got to know the four cash flow quadrants, right,
• 18:09
  Speaker 1: there are four ways that income is generated in the
• 18:11
  Speaker 1: world that as an employee, self employed, business owner, and investor,
• 18:18
  Speaker 1: I think we have a lot of entrepreneurs who are
• 18:20
  Speaker 1: self employed today and mistakenly calling themselves business owners because
• 18:25
  Speaker 1: they have an LLC and an EI in But there
• 18:28
  Speaker 1: are certain habits, disciplined mindset, systems and infrastructure that will
• 18:33
  Speaker 1: allow you to matriculate each quadrant. And so you got
• 18:37
  Speaker 1: to know, as an employee, someone else is in control
• 18:39
  Speaker 1: of your time, which means someone else is in control
• 18:41
  Speaker 1: of your money. Self employed, you are in control of
• 18:44
  Speaker 1: your time, which means your income is limited to the
• 18:48
  Speaker 1: twenty four hours that you have in one day. But
• 18:50
  Speaker 1: then the top one to ten percent income owners are
• 18:53
  Speaker 1: on that right side of the quadrant, either business owners
• 18:56
  Speaker 1: or investors. Now, business owners income is not even predicated
• 19:01
  Speaker 1: on their time, It's predicated on the system. So the
• 19:04
  Speaker 1: first thing that I would teach any new entrepreneur, and
• 19:08
  Speaker 1: that we do all the time, is you must have
• 19:10
  Speaker 1: a solid system. Now, the wonderful thing is I mean, guys,
• 19:14
  Speaker 1: this what we're talking about today, and I'm sure Rishi
• 19:19
  Speaker 1: you would agree.
• 19:20
  Speaker 4: This is not a new topic.
• 19:21
  Speaker 1: The Rockefellers wrote a book about it, How to leverage
• 19:24
  Speaker 1: the life insurance industry to build multi generational wealth. I
• 19:29
  Speaker 1: think that we got to open up these books and
• 19:32
  Speaker 1: really put these because these systems and process these still
• 19:35
  Speaker 1: work today.
• 19:36
  Speaker 4: So the first thing is to build a system.
• 19:38
  Speaker 1: The second thing is to build a marketing strategy, and
• 19:40
  Speaker 1: the third thing is to leverage artificial intelligence. Not to
• 19:45
  Speaker 1: replace you, but you need to train artificial intelligence on
• 19:49
  Speaker 1: what you needed to to how you needed to perform,
• 19:51
  Speaker 1: and where your company is headed. And so the last
• 19:54
  Speaker 1: thing I would say is coaching. Get you someone who
• 19:58
  Speaker 1: has a proven track record. In our industry, there are
• 20:02
  Speaker 1: really two pathways. You can have a producer and you
• 20:06
  Speaker 1: can have an agency owner.
• 20:08
  Speaker 4: Right, and so what do I mean?
• 20:09
  Speaker 1: One person pushes policies, another person builds leaders within the industry.
• 20:15
  Speaker 7: So how do you feel about variable lordies?
• 20:18
  Speaker 4: So you want to talk about the three ways that
• 20:20
  Speaker 4: money grows.
• 20:21
  Speaker 2: Yeah, let's talk Yeah, so there's three ways money grows. Right,
• 20:24
  Speaker 2: there's fixed accounts, index accounts, and variable accounts. Right, and
• 20:27
  Speaker 2: so fixed account think of a CD at the bank, right,
• 20:30
  Speaker 2: slow and steady, fixed interests, nothing exciting, but you're going
• 20:33
  Speaker 2: to get a little bit index account. Well, let's go
• 20:36
  Speaker 2: to variable variable account. You can get all of the
• 20:38
  Speaker 2: gains of the market and then all of the losses
• 20:40
  Speaker 2: of the market, and then you're also going to pay
• 20:42
  Speaker 2: some fees to a broker or a four one K
• 20:45
  Speaker 2: plan for example. There's fees there. And then the last
• 20:48
  Speaker 2: one is the index where it takes the culmination of
• 20:51
  Speaker 2: both right, it gives you the floor of zero, which
• 20:53
  Speaker 2: is the safety of fix right, and then it gives
• 20:56
  Speaker 2: you some of the growth of the variable account for
• 21:00
  Speaker 2: a variable annuity. If I'm in my late fifties sixties,
• 21:06
  Speaker 2: I'm not I'm telling the client, do you want to
• 21:09
  Speaker 2: continue to ride the waves of the up and down
• 21:11
  Speaker 2: of the market, because there are some people that want to.
• 21:15
  Speaker 2: So it's not my job to say this is bad
• 21:18
  Speaker 2: or that is good. My job is to say, is
• 21:21
  Speaker 2: what I have what you want? Right? And so my opinion,
• 21:25
  Speaker 2: if you want to ask me my opinion, though my
• 21:27
  Speaker 2: opinion is if it's my mama, I'm not putting it
• 21:30
  Speaker 2: in a variable annuity. You know, at this point, because
• 21:33
  Speaker 2: of the you know, the waves of the market right now,
• 21:36
  Speaker 2: I need some certainties and guarantees for her, and you
• 21:38
  Speaker 2: know that's what we deal more with the fixed index.
• 21:40
  Speaker 2: But variable can be very good. Obviously, if you're in
• 21:43
  Speaker 2: your twenties thirties, you want to aggressively accumulate more that
• 21:47
  Speaker 2: can be a great vehicle for you.
• 21:50
  Speaker 6: So let's talk for one K plans because I know
• 21:52
  Speaker 6: y'all have some thoughts about that.
• 21:54
  Speaker 5: I was in education. We have FOURRO three B.
• 21:57
  Speaker 6: I remember coming into that space and not even knowing
• 22:00
  Speaker 6: what that was. Yeah, most people don't. No, no, they
• 22:03
  Speaker 6: don't know what it does. How if they're employment Matt,
• 22:06
  Speaker 6: none of the things. Yeah, but the idea that this
• 22:09
  Speaker 6: system might be broken, Oh yeah, it's something that most
• 22:11
  Speaker 6: people don't talk about.
• 22:12
  Speaker 5: Why do you say that?
• 22:14
  Speaker 2: So you know, I believe the four to one K
• 22:17
  Speaker 2: is the worst retirement vehicle in America. I know I
• 22:19
  Speaker 2: draw a hard line in the saying when I say that,
• 22:22
  Speaker 2: but if you go look at statistics, not one single
• 22:25
  Speaker 2: person has been able to sustain retirement solely based off
• 22:28
  Speaker 2: that plan. Right, And essentially in America, we had a initially,
• 22:32
  Speaker 2: I should say, we had a three legged stool plan, right,
• 22:35
  Speaker 2: which was we had a pension, we had a four
• 22:38
  Speaker 2: one K, and we we had personal savings. Right. Yeah,
• 22:43
  Speaker 2: I'm sorry, we had a pension, personal savings, and then
• 22:46
  Speaker 2: we had Social Security. Right. So that was our three
• 22:48
  Speaker 2: legas stool that was supposed to sustain us. But then
• 22:52
  Speaker 2: they had a little problem. We started living too long.
• 22:54
  Speaker 2: So you can work thirty years for a company, but
• 22:57
  Speaker 2: then on top of that, you can live another forty
• 22:59
  Speaker 2: fifty years. We just came back from Chicago. Her grandmother
• 23:02
  Speaker 2: celebrated one hundred years old. Right, So if people are
• 23:05
  Speaker 2: living alone, the jobs are saying the companies are saying, hey,
• 23:08
  Speaker 2: we can't sustain paying you that loan. So we're going
• 23:12
  Speaker 2: to have to give you the autonomy to not run
• 23:15
  Speaker 2: your retirement. And we're going to introduce this for a
• 23:17
  Speaker 2: one K plan and you figure it out. Right, We're
• 23:19
  Speaker 2: going to give you some accumulation, we're going to give
• 23:21
  Speaker 2: you some pre tax growth, but it's on you to
• 23:24
  Speaker 2: figure out the retirement. And whether you went to school
• 23:27
  Speaker 2: for engineering, a teacher, you know, a lawyer or a doctor,
• 23:31
  Speaker 2: you don't know anything about finance and compound and interests
• 23:34
  Speaker 2: and guarantee streams of income, and so you look up
• 23:37
  Speaker 2: thirty forty years and you like, where's my money? Right,
• 23:41
  Speaker 2: twenty eighteen we saw financial crisis where people in their
• 23:44
  Speaker 2: sixties loss anywhere between what twenty five to thirty five
• 23:47
  Speaker 2: percent of their four one K money, and now they
• 23:51
  Speaker 2: can't retire, you know, And so any financial professional, any
• 23:55
  Speaker 2: great one will tell you, hey, you can't have all
• 23:57
  Speaker 2: your a's in one basket. But I don't necessarily know
• 23:59
  Speaker 2: too many any financial professionals today really pushing for one case.
• 24:04
  Speaker 7: So what will be the alternative?
• 24:06
  Speaker 3: Because it does have a lot of advantages obviously tax standpoint,
• 24:09
  Speaker 3: and for most people that's where most of their money
• 24:11
  Speaker 3: is saved retirement. So if somebody did not participan, if
• 24:15
  Speaker 3: the company matches, that's free money.
• 24:17
  Speaker 7: So what will be the alternative?
• 24:20
  Speaker 2: So my alternative is is, so if I'm speaking to
• 24:22
  Speaker 2: especially our age millennials, you know, I'm now telling them
• 24:26
  Speaker 2: about iuls. You know, hey, you can put into this plan. Now,
• 24:31
  Speaker 2: obviously you got to use after tax dollars, right, so
• 24:33
  Speaker 2: you lose that tax deferred. But the thing about taxes
• 24:37
  Speaker 2: is we don't know how much taxes are going to
• 24:38
  Speaker 2: be in the future, right, And so yeah, I may
• 24:41
  Speaker 2: have that tax defer, and I may get that little
• 24:43
  Speaker 2: bit of three percent from my job, which is essentially
• 24:46
  Speaker 2: a cash balance plan for the company, and they get
• 24:48
  Speaker 2: the tax right off for that, but you, as the employee,
• 24:51
  Speaker 2: don't get the tax right off of that right, And
• 24:54
  Speaker 2: so you can use an IUL for an example, which
• 24:57
  Speaker 2: is an index universal life design proper you know, you
• 25:01
  Speaker 2: can minimize the death benefit to maximize the cash value
• 25:04
  Speaker 2: growth getting compound and interest from an index. And many
• 25:08
  Speaker 2: studies have shown over the years, you put a four
• 25:12
  Speaker 2: one k in the s and P five hundred versus
• 25:14
  Speaker 2: in IUL with just a cap of nine percent, and
• 25:17
  Speaker 2: you're going to see over twenty years, thirty years long term,
• 25:21
  Speaker 2: not short term, right, long term that this vehicle IUL
• 25:24
  Speaker 2: is going to give you more if you fund it properly,
• 25:27
  Speaker 2: use it properly, it'll be there and it'll be more.
• 25:31
  Speaker 2: And in some instances, in some companies, we have the
• 25:34
  Speaker 2: ability to turn those iuls into a lifetime income writer
• 25:37
  Speaker 2: where it can pay you out to as well. And
• 25:40
  Speaker 2: those funds are tax advantage, meaning that you don't have
• 25:42
  Speaker 2: to pay taxes on the gains in that IUL, which
• 25:46
  Speaker 2: is a huge benefit.
• 25:47
  Speaker 7: When you say fund it properly, explain what that means.
• 25:50
  Speaker 2: So it's well not to it has to be over
• 25:53
  Speaker 2: the target premium, which is the cost of insurance, right,
• 25:56
  Speaker 2: and so there it is.
• 25:57
  Speaker 3: That's important for people to understand. Yeah, because a lot
• 26:00
  Speaker 3: of people they they underfunded. Correct, that causes problems.
• 26:04
  Speaker 2: It does because then that policy con lapse.
• 26:06
  Speaker 3: So who w want to overpay it unless they fully
• 26:08
  Speaker 3: educate on why you're over Nobody overpay for anything.
• 26:11
  Speaker 2: Exactly one hundred percent. So we don't sell iuls as
• 26:14
  Speaker 2: a as a death benefit, a death policy because it's
• 26:18
  Speaker 2: really not that right and by the way, it's not
• 26:21
  Speaker 2: for everybody's This is not for you know, I got
• 26:23
  Speaker 2: fifty dollars a month, man, I'm trying to become a millionaire.
• 26:26
  Speaker 2: It doesn't work like that. You know, this is for
• 26:28
  Speaker 2: business owners. We structure a lot of IUL policies. You know,
• 26:32
  Speaker 2: people are paying you know, they're doing lump sums. You
• 26:34
  Speaker 2: know they're dropping ten twenty thousand dollars, paying one thousand
• 26:37
  Speaker 2: dollars a month, you know, low death benefit one hundred
• 26:40
  Speaker 2: and fifty thousand, like that's that's where it's at.
• 26:43
  Speaker 7: Now.
• 26:43
  Speaker 2: If you're twenty years old, man, you could start something
• 26:45
  Speaker 2: and then work your way up. You can start two hundred,
• 26:48
  Speaker 2: you know, one hundred and fifty dollars a month and
• 26:50
  Speaker 2: build up over time because your cost of insurance is low.
• 26:53
  Speaker 3: So let's fully explain this for people, right, is a
• 26:55
  Speaker 3: base premium that let's say you have a three hundred
• 26:58
  Speaker 3: thousand dollars. Policy premum a minimum, right, let's say fifty
• 27:02
  Speaker 3: dollars a month. That's the minimum amount that you got
• 27:03
  Speaker 3: to pay to keep the policy going. Target premium what
• 27:06
  Speaker 3: you say, which is that's like the recommended and then
• 27:10
  Speaker 3: there's the maximum.
• 27:12
  Speaker 7: If you do over to that, it becomes taxical.
• 27:14
  Speaker 2: That's correct. Right.
• 27:16
  Speaker 7: You want to do to the max or close to
• 27:18
  Speaker 7: the max, right, yeah, close to the max.
• 27:19
  Speaker 3: Because that's where you over the that's where you could
• 27:22
  Speaker 3: really get the compounding interest around right, right. Yes, So
• 27:24
  Speaker 3: you will always recommend because even if somebody has a policy,
• 27:28
  Speaker 3: you would recommend for them to know because people don't
• 27:30
  Speaker 3: even know what their maxi amount is and you can
• 27:31
  Speaker 3: put in there per year, you would recommend that they
• 27:34
  Speaker 3: know what their maximount is and try to do up
• 27:36
  Speaker 3: to the max.
• 27:36
  Speaker 2: Correct. So we always educate everybody say hey, this is
• 27:41
  Speaker 2: where your baseline is, this is where you want to be.
• 27:44
  Speaker 2: Can you do this? And sometimes if they can't, then
• 27:47
  Speaker 2: we adjust it. Right, we can drop so like you said,
• 27:49
  Speaker 2: three hundred thousand, they may need to drop that down
• 27:51
  Speaker 2: to two hundred thousand. We may need to drop that
• 27:53
  Speaker 2: down to one hundred thousand. So that their comfortability is
• 27:57
  Speaker 2: at that max. But that policy is not too expensive
• 28:01
  Speaker 2: to where to eat up the money that.
• 28:03
  Speaker 3: Because even from an IRS standpoint, that lets you know
• 28:05
  Speaker 3: that it has great tax advantages because the IRS sets
• 28:09
  Speaker 3: a limit, correct, because after that, what does it become
• 28:11
  Speaker 3: a modified and downment contract.
• 28:12
  Speaker 2: It comes to mech yep, So don't want that. People
• 28:15
  Speaker 2: don't even know that though.
• 28:17
  Speaker 3: But it's like for the IRS to set a limit
• 28:19
  Speaker 3: that lets you know that because if what really educated
• 28:24
  Speaker 3: people would do it, they would just dump millions of
• 28:25
  Speaker 3: dollars into the policy because it's tax advantage. So the
• 28:29
  Speaker 3: fact that the IRS even has a cap let you
• 28:32
  Speaker 3: know that that's something that's beneficial because while would they
• 28:35
  Speaker 3: even set a cap if it's not beneficial?
• 28:37
  Speaker 2: Right right, And that's definitely something you know, we'll definitely
• 28:41
  Speaker 2: get into a lot of details, you know, and investments
• 28:44
  Speaker 2: talking about you know, the Tamra, the death ra, you know,
• 28:47
  Speaker 2: the seventy seven oh to all of the rules that's
• 28:49
  Speaker 2: in place. So people understand because it sounds great, it's
• 28:51
  Speaker 2: like it sounds too good to be true. Well, no,
• 28:53
  Speaker 2: there's rules in place. IRS. You know, it got some
• 28:56
  Speaker 2: rules in place. Obviously if IRS got rules, then somebody
• 28:59
  Speaker 2: mess up up all of us. Right, it's like you're saying,
• 29:02
  Speaker 2: you know, back in the day, people were just dumping
• 29:04
  Speaker 2: millions of dollars into a ten thousand dollars policy. In
• 29:07
  Speaker 2: I res it's like, wait a minute, hold on what
• 29:09
  Speaker 2: y'all doing. Yeah, we got to set some limitations here. Yeah,
• 29:12
  Speaker 2: it's interesting.
• 29:13
  Speaker 6: I feel like outside looking in right the god not
• 29:16
  Speaker 6: in the traditional financial services. There's the three types of people.
• 29:20
  Speaker 6: The people like you tell them about life insurance and
• 29:22
  Speaker 6: it's like, I ain't thinking about dying, I'm not trying
• 29:24
  Speaker 6: to do that. Then you get the next tier of
• 29:26
  Speaker 6: people where it's like, okay, I'll get it, and it's
• 29:30
  Speaker 6: in case things happen, Right, in case something happens, I'll
• 29:33
  Speaker 6: have insurance. And there's that last tier of people who
• 29:36
  Speaker 6: actually figure out that this is for wealth creation and
• 29:39
  Speaker 6: not protection. Like how do we get like the first
• 29:43
  Speaker 6: tier to the top tier, Like what are some strategies,
• 29:46
  Speaker 6: What are the things that you're seeing that are helping
• 29:49
  Speaker 6: people shift that mindset of like, nah, this is not
• 29:51
  Speaker 6: just protection, it's wealth creation.
• 29:53
  Speaker 1: Yeah, one of the things is just education and not
• 29:57
  Speaker 1: general education. But don't be afraid to actually show up
• 30:02
  Speaker 1: online and reveal to people that you know what you're
• 30:05
  Speaker 1: talking about, right, so you can show that through case studies,
• 30:09
  Speaker 1: you can give real life examples. None of the things
• 30:12
  Speaker 1: that we're talking about are foreign. These are today's realities.
• 30:16
  Speaker 1: There's a huge retirement crisis happening right now, so make
• 30:20
  Speaker 1: people aware that there is a problem. But there's also
• 30:24
  Speaker 1: a tangible solution. But you do need to meet with
• 30:27
  Speaker 1: a licensed professional, someone that knows how to custom design
• 30:31
  Speaker 1: and properly structure a policy for you. We call them
• 30:35
  Speaker 1: legacy plans. But right now on our social media you're
• 30:39
  Speaker 1: I mean, we are flooding the internet just with education,
• 30:42
  Speaker 1: teaching people not just the different types of insurance, but
• 30:46
  Speaker 1: how your policy should be structurally, should be properly structured,
• 30:50
  Speaker 1: but also the living benefits. To your point, a lot
• 30:53
  Speaker 1: of people when they think of life insurance, they immediately
• 30:55
  Speaker 1: think what death, funeral expenses, final expenses. But when well
• 31:00
  Speaker 1: healthy people here life insurance, they immediately think wealth because
• 31:03
  Speaker 1: they've been programmed to think this way. So really reprogramming
• 31:08
  Speaker 1: the publics and specifically communities of color relationship within this industry,
• 31:15
  Speaker 1: and so I think we do that really well. We
• 31:18
  Speaker 1: also host I mean we're hosting twice a week community
• 31:23
  Speaker 1: workshops where anybody in the community can come into one
• 31:26
  Speaker 1: of our offices in the US for free and literally
• 31:30
  Speaker 1: have a one hour workshop where they can learn not
• 31:34
  Speaker 1: just how to properly design and structure these plans that
• 31:37
  Speaker 1: we're talking about, but even if they want to earn
• 31:39
  Speaker 1: additional income and become a licensed agent, we're teaching them
• 31:43
  Speaker 1: how to do that as well.
• 31:45
  Speaker 3: So talk about life insurance from a standpoint of wealth accumulation,
• 31:50
  Speaker 3: because you said most people think of it strictly from
• 31:53
  Speaker 3: a death standpoint. We talked about modifying downment contracts, but
• 31:57
  Speaker 3: really break it down or you know, somebody came to
• 32:00
  Speaker 3: your office and you have to educate them on they
• 32:04
  Speaker 3: got the death benefit part wealth accumulation, how you can
• 32:08
  Speaker 3: actually use it to benefit yourself.
• 32:11
  Speaker 2: Yeah. So in the city like Atlanta, man, you know,
• 32:15
  Speaker 2: everybody wants to get into real estate, right, and so
• 32:18
  Speaker 2: we understand what people are trying to do because obviously
• 32:21
  Speaker 2: real estate is a great way to grow well for yourself,
• 32:25
  Speaker 2: and so to get in the game, you need money, right,
• 32:28
  Speaker 2: And so I got a lot of young guys that
• 32:30
  Speaker 2: come to the office said, you know, man, I want
• 32:32
  Speaker 2: to get in the real estate elis man, how do
• 32:33
  Speaker 2: I do it? And I said, you do know you
• 32:35
  Speaker 2: came to an insurance conference, right, you know, But I say, well,
• 32:39
  Speaker 2: a lot of insurance you know. I'm sorry, a lot
• 32:42
  Speaker 2: of real estate investors use life insurance policies. They say,
• 32:45
  Speaker 2: what do you mean. They say, well, they'll take in
• 32:47
  Speaker 2: all you well, a whole life of cash value you're playing,
• 32:50
  Speaker 2: and they'll start growing their money in there. Right. And
• 32:54
  Speaker 2: then I said, if you got a group of five
• 32:56
  Speaker 2: of you guys, young guys, right, group of five guys,
• 32:58
  Speaker 2: y'all start investing into IU up policies and grow money.
• 33:02
  Speaker 7: Right.
• 33:02
  Speaker 2: You can then take money from your policy. Let's say
• 33:05
  Speaker 2: five years from now, ten years from now, each of
• 33:07
  Speaker 2: you take ten, fifteen, twenty thousand dollars loan out of
• 33:10
  Speaker 2: your policy. Then you can go start a real estate
• 33:12
  Speaker 2: investment trusts. Right. So now five of you have brought
• 33:15
  Speaker 2: twenty grand. Now you got one hundred thousand dollars for
• 33:17
  Speaker 2: a red. Now you can go take that rate, and
• 33:20
  Speaker 2: now you can go start investing in real estate for
• 33:22
  Speaker 2: yourself as a start right, as a plan, because ultimately
• 33:26
  Speaker 2: a lot of people want to do that. Right, And
• 33:28
  Speaker 2: if something goes wrong, Guess what happens? My liability is
• 33:31
  Speaker 2: what nothing? Because I took money from an insurance policy.
• 33:35
  Speaker 2: Did a read. It's not one hundred percent nothing, But
• 33:37
  Speaker 2: there's easy there's a better way of you know, getting
• 33:41
  Speaker 2: out of some problems and situations by doing it that
• 33:43
  Speaker 2: way because you didn't take a hard line of credit
• 33:45
  Speaker 2: out right. And so that's one example for you know,
• 33:51
  Speaker 2: people that want to do something else, you know, buy
• 33:54
  Speaker 2: you know, you buy your car from that because you
• 33:56
  Speaker 2: essentially you take a loan from yourself. You could pay
• 33:58
  Speaker 2: yourself back and when you pay your loan back to
• 34:01
  Speaker 2: your insurance policies, essentially nothing in interest because you paid
• 34:04
  Speaker 2: the loan back to yourself, right. And so there are
• 34:07
  Speaker 2: many different examples of that of strategizing and using it,
• 34:12
  Speaker 2: you know, for wealth building right now, obviously one of
• 34:14
  Speaker 2: the biggest plays is the real estate one.
• 34:16
  Speaker 5: That's a lot again, that's a whole lot of game.
• 34:20
  Speaker 6: You alluded to AI and working with it outside looking
• 34:24
  Speaker 6: in again, it feels like the technology is going to
• 34:27
  Speaker 6: be disruptive to financial services. I wonder how you guys
• 34:31
  Speaker 6: initially maybe twenty twenty three are looking at this thing like, hey,
• 34:34
  Speaker 6: we see this is coming.
• 34:35
  Speaker 5: How can we implement it to make.
• 34:37
  Speaker 6: Our policies or our systems more efficient, and how you
• 34:41
  Speaker 6: see it changing the future of what financial services is
• 34:44
  Speaker 6: like going forward.
• 34:45
  Speaker 1: Yeah, that's a great question. I think it would be
• 34:49
  Speaker 1: we would all be naive and financial services to think
• 34:52
  Speaker 1: that AI is not going to replace those who are
• 34:57
  Speaker 1: ill prepared.
• 34:58
  Speaker 4: I think it will.
• 34:59
  Speaker 1: I think people who don't know and they're afraid of it,
• 35:02
  Speaker 1: they're not taking the time to learn it, but more
• 35:05
  Speaker 1: importantly to leverage it, they are in jeopardy. And so
• 35:09
  Speaker 1: I always say I think there's three types of intelligence.
• 35:12
  Speaker 1: I think at the highest level is divine intelligence, which
• 35:15
  Speaker 1: is God for me. The second level of intelligence is
• 35:19
  Speaker 1: human intelligence, which is built off of experience and expertise,
• 35:23
  Speaker 1: so that can come from education. And then the last
• 35:26
  Speaker 1: type of intelligence is artificial intelligence. Well, the way that
• 35:29
  Speaker 1: it should go is top middle down. Not AI tells
• 35:33
  Speaker 1: the human, the human tells God. So one of the
• 35:36
  Speaker 1: things that we do is we teach all of our
• 35:38
  Speaker 1: agents how to leverage artificial intelligence for their marketing strategies
• 35:44
  Speaker 1: but also for client communications. And so now all of
• 35:49
  Speaker 1: our client touch points we're leveraging artificial intelligence to write
• 35:54
  Speaker 1: them obviously with the human being right monitoring them as
• 35:59
  Speaker 1: all of our our client touch points, our communications with
• 36:02
  Speaker 1: the carriers, our social media strategies. The meta is, I mean,
• 36:07
  Speaker 1: we're leveraging AI to run ads, not just by the
• 36:11
  Speaker 1: way in the language of English, right, because money has
• 36:15
  Speaker 1: no regard for language, and so now we can run ads.
• 36:18
  Speaker 1: Whereas my husband and I only speak in English, now
• 36:21
  Speaker 1: I can run ads in Chinese and Japanese and Spanish,
• 36:26
  Speaker 1: and so it allows us to reach a market and
• 36:29
  Speaker 1: a demographic and explain these technical concepts in a way
• 36:33
  Speaker 1: that's easy to grasp, but it's in their language. And
• 36:37
  Speaker 1: so those are just some of the ways, but just
• 36:41
  Speaker 1: also projecting the future of where specifically our industry is headed. So,
• 36:48
  Speaker 1: you know, taking all of the historical data for the
• 36:51
  Speaker 1: retirement crisis. Ellis talked about earlier how the American retirement
• 36:56
  Speaker 1: structure was originally this three legged stool. Well that stool
• 36:59
  Speaker 1: is now completely broken, and so leveraging all of the
• 37:03
  Speaker 1: historical research for us to craft a campaign to be
• 37:07
  Speaker 1: able to feel that specific gap. So for us, artificial
• 37:11
  Speaker 1: intelligence has made us more of a sniper. Right, So
• 37:15
  Speaker 1: our solutions, our language, everything is really tailor fit for
• 37:20
  Speaker 1: the exact problem that Americans are facing today. So it's
• 37:24
  Speaker 1: taken the guessing game out of it.
• 37:26
  Speaker 4: Right.
• 37:26
  Speaker 1: So we bring our human experience with the data and
• 37:30
  Speaker 1: the statistics with today's realities, masking all of that information
• 37:35
  Speaker 1: into one post, and we've noticed our conversions are a
• 37:38
  Speaker 1: lot higher.
• 37:40
  Speaker 3: So let's talk about term like the idea of by
• 37:45
  Speaker 3: term invested difference.
• 37:47
  Speaker 7: What do you say to that.
• 37:49
  Speaker 2: Most people that by term don't invest the difference.
• 37:52
  Speaker 3: If you did, if you did, if I did, if
• 37:55
  Speaker 3: somebody came to you in and said, look, I have
• 37:57
  Speaker 3: a plan that I have a fan so I want
• 38:00
  Speaker 3: to protect my family. I want to take my wife,
• 38:02
  Speaker 3: my kids, but I also I like to invest. I
• 38:06
  Speaker 3: watch you know market one days.
• 38:07
  Speaker 2: Yep.
• 38:08
  Speaker 3: My plan is to buy a twenty year term policy
• 38:12
  Speaker 3: and then I'm gonna just invest everything else that I
• 38:15
  Speaker 3: have on discretionary income into the market.
• 38:18
  Speaker 2: Well, we would go through the laser tests like we
• 38:20
  Speaker 2: discussed earlier. Obviously, we definitely do what's calling insurable needs
• 38:25
  Speaker 2: test first, right and say, okay, what's your debt and death,
• 38:29
  Speaker 2: you know, what's your income. You know, let's take a
• 38:31
  Speaker 2: look at how much income replacement that you need. You know,
• 38:34
  Speaker 2: based upon youngest age of a kid, or just a
• 38:37
  Speaker 2: ten year plan for a spouse, if something happened to you,
• 38:39
  Speaker 2: and then the course of the mortgage, right, we cover
• 38:42
  Speaker 2: those things. Essentially, most Americans need at least a million
• 38:45
  Speaker 2: dollars in coverage night, you know, and that's your standard
• 38:48
  Speaker 2: American family husband and wife. Husband needs a million, wife
• 38:51
  Speaker 2: needs a million dollars, right to cover the house, cover
• 38:54
  Speaker 2: the cover the kids, get them to adulthood. It's not
• 38:57
  Speaker 2: going to make anybody rich in today's at least a
• 38:59
  Speaker 2: million million today's climbing. It's not making anybody rich, but
• 39:02
  Speaker 2: it's making sure that we can get to get those
• 39:05
  Speaker 2: kids to adulthood. And if I lost my spouse, give
• 39:07
  Speaker 2: me time to kill, recoup, and then you know, get
• 39:10
  Speaker 2: back to work if I need to. Right. But then
• 39:12
  Speaker 2: after that, you know, we implement the urn plan. We
• 39:16
  Speaker 2: really see how much discretionary the person needs and if
• 39:18
  Speaker 2: they have enough to go really invest that's out of
• 39:21
  Speaker 2: my realm. I say, absolutely you should go ahead and
• 39:23
  Speaker 2: invest that difference, you know, if you want to take
• 39:25
  Speaker 2: a look at mutual funds, stocks, bitcoin, right, but just
• 39:30
  Speaker 2: making sure that you have some foundation first right to
• 39:34
  Speaker 2: your financial plan. You know, what retirement plan do you
• 39:37
  Speaker 2: have in place? Are you putting into a roth Ira? Nright,
• 39:40
  Speaker 2: I would definitely go that route first before going, you know,
• 39:44
  Speaker 2: the next phase investing. So if you got your insurance plan,
• 39:48
  Speaker 2: you got a roth Ira, which you can get a
• 39:50
  Speaker 2: roth annuity to as well, and then if you got
• 39:52
  Speaker 2: anything left right now, you can go and invest that
• 39:56
  Speaker 2: because now you have this foundation set. So if you
• 39:59
  Speaker 2: lose the investment, you're not worried about it because I
• 40:01
  Speaker 2: have these two things in.
• 40:02
  Speaker 7: Place and you can combine it. Yes, you know what
• 40:05
  Speaker 7: I'm saying.
• 40:05
  Speaker 3: If you can't afford, because every my philosophy, every black
• 40:08
  Speaker 3: man needs at least a million dollars of life insurance.
• 40:11
  Speaker 2: You agree with that, absolutely, I agree.
• 40:13
  Speaker 7: Give them a convincing argument.
• 40:15
  Speaker 3: Give black men've traditionally been under insured for a long
• 40:19
  Speaker 3: bed of time. He convinced me, give them, give the
• 40:23
  Speaker 3: argument why every black man in America needs to at
• 40:26
  Speaker 3: least a million dollars of life insurance.
• 40:28
  Speaker 2: Man, Well, there's a couple of things, you know, I
• 40:31
  Speaker 2: would I would start with, you know, first off is
• 40:34
  Speaker 2: taking care of our kids. Because a lot of our
• 40:36
  Speaker 2: black men we have kids. We got to take care
• 40:38
  Speaker 2: of those kids. If something happened to us, give those
• 40:40
  Speaker 2: kids a better chance than you had. If you really
• 40:43
  Speaker 2: about generational wealth, you really about generational empowerment, give your
• 40:47
  Speaker 2: kids the birth right that you didn't have. Because I
• 40:50
  Speaker 2: wasn't born with a silver spoon. I grew up eating
• 40:52
  Speaker 2: baloney sandwiches and government cheese. So I want to make
• 40:55
  Speaker 2: sure that my next generation has that birth right. Okay,
• 40:58
  Speaker 2: that's one. The next thing is, unfortunately black men are
• 41:02
  Speaker 2: under attack when it comes to medical problems, more diabetes,
• 41:07
  Speaker 2: more heart problems, high blood pressure, high blood pressure. So
• 41:11
  Speaker 2: these even these term policies that we have, they come
• 41:14
  Speaker 2: with living benefits. So any event, any one of those
• 41:18
  Speaker 2: major conditions happened to you, that money would be paid
• 41:20
  Speaker 2: out to you while you're alive. You don't have to
• 41:23
  Speaker 2: pay any taxes on it, you don't have to pay
• 41:25
  Speaker 2: it back, and you don't even have to report what
• 41:27
  Speaker 2: you did with it. Right, So you can receive up
• 41:30
  Speaker 2: upwards to a million dollars cash from the insurance company
• 41:33
  Speaker 2: if you qualify for it from one of those major
• 41:35
  Speaker 2: major conditions, right, and then excuse me. And then the
• 41:39
  Speaker 2: last thing I would say is, you know, Master P
• 41:43
  Speaker 2: brought this up one time. You know, Master P said,
• 41:45
  Speaker 2: if we had every black man in America had life
• 41:49
  Speaker 2: insurance every time someone passed away and they have to
• 41:53
  Speaker 2: pay that money out, more lobbyists and more politicians and
• 41:57
  Speaker 2: more things would be. It would get involved to change
• 42:00
  Speaker 2: our communities, to get us better healthcare, to get us
• 42:03
  Speaker 2: better education, to give us better resources in our communities.
• 42:07
  Speaker 2: If every black man had a million dollar policy.
• 42:10
  Speaker 7: And it's a way to help you close wealth gap.
• 42:13
  Speaker 2: Absolutely, if we don't continue to do something, the black
• 42:18
  Speaker 2: wealth in America will disappear by twenty fifty nine. That's
• 42:22
  Speaker 2: what the projections are saying right now.
• 42:24
  Speaker 1: I think one of my favorite parts about that is
• 42:26
  Speaker 1: that a lot of people don't realize life insurance deff
• 42:29
  Speaker 1: benefits bypass probate court and so African Americans are more
• 42:35
  Speaker 1: likely to pass away and leave behind debt whenever you
• 42:39
  Speaker 1: pass away those credit cards, student loans, car loans, especially
• 42:44
  Speaker 1: if you have a co signer, your family can inherit
• 42:46
  Speaker 1: that debt. But life insurance is the asset that would
• 42:51
  Speaker 1: allow you to bypass. What does that mean debt collectors
• 42:54
  Speaker 1: cannot have a say and come fishing for that money.
• 42:57
  Speaker 1: It's going to go directly to your children directly to
• 43:00
  Speaker 1: your wife. So a lot of people, you know, if
• 43:03
  Speaker 1: you don't have life insurance as the foundation. When we
• 43:06
  Speaker 1: talk about the four homes of money, life insurance is
• 43:10
  Speaker 1: the foundation on how not wealthy names, not rich people,
• 43:14
  Speaker 1: but wealthy families. We're talking about people who've been able
• 43:17
  Speaker 1: to sustain and continue to grow wealth generation after generation.
• 43:22
  Speaker 1: So there are four homes of four homes of money.
• 43:25
  Speaker 1: You have the life insurance industry, first, you have the
• 43:28
  Speaker 1: banking system, you have real estate, and then you have
• 43:32
  Speaker 1: the stock market. Now to your point, there's something called
• 43:37
  Speaker 1: the rule of one hundred and all. It is quite
• 43:41
  Speaker 1: simple because we are firm believers that your wealth building
• 43:45
  Speaker 1: wealth building portfolio, your strategy should be comprehensive.
• 43:49
  Speaker 4: What does that mean.
• 43:50
  Speaker 1: It should actually encompass variable accounts, It should have fixed accounts,
• 43:54
  Speaker 1: It should also have index vehicles. And so in the
• 43:57
  Speaker 1: rule of one hundred, what you do. Everybody can do
• 43:59
  Speaker 1: this right now at home. Take the number one hundred.
• 44:03
  Speaker 1: Subtract your age from that number. So if you're forty
• 44:06
  Speaker 1: years old, one hundred minus forty is sixty. No more
• 44:10
  Speaker 1: than sixty percent of your wealth building portfolio should live
• 44:14
  Speaker 1: in a variable vehicle what is a variable account? A
• 44:17
  Speaker 1: variable account is an account that has safety but no growth,
• 44:21
  Speaker 1: right I meaning you have you're exposed to market volatility.
• 44:25
  Speaker 1: That's what variable is. You can make a lot, but
• 44:27
  Speaker 1: you can also lose every growth safety correct growth, yes,
• 44:30
  Speaker 1: correct growth, but no safety.
• 44:32
  Speaker 4: Thank you for that. That's a variable vehicle. No more.
• 44:35
  Speaker 1: The rule of one hundred tells us based on your age,
• 44:38
  Speaker 1: no more than that number. So one hundred, subtract your age,
• 44:41
  Speaker 1: no more than that number should be inside of a
• 44:43
  Speaker 1: variable account. So that's what I would tell someone who's
• 44:46
  Speaker 1: saying by term and investorate. This is also why it's
• 44:50
  Speaker 1: important for agents to be full service, not only be
• 44:55
  Speaker 1: biased to one type of product, one type of carrier,
• 44:58
  Speaker 1: because I don't want to serve one type of community, right,
• 45:02
  Speaker 1: and so I always am leary whenever there's an Asian
• 45:06
  Speaker 1: who can only represent one company. I want the best
• 45:09
  Speaker 1: of the best under my portfolio suite. Whether you have
• 45:13
  Speaker 1: ten dollars a month, you're barely making it, you are
• 45:16
  Speaker 1: still you still deserve to leave a legacy behind.
• 45:19
  Speaker 6: So I wonder this right, because yes, I believe everybody
• 45:23
  Speaker 6: should have insurance. At what point, at what age should
• 45:26
  Speaker 6: we start getting these affairs in order, right.
• 45:28
  Speaker 5: Like I was twenty six when he sat me down.
• 45:29
  Speaker 6: I didn't have a kid, that didn't have wife, but
• 45:32
  Speaker 6: he convinced me right, And obviously I just wanted to
• 45:34
  Speaker 6: support his business. But I was surprised. I saw some
• 45:37
  Speaker 6: high school students last year that were talking about roth
• 45:39
  Speaker 6: I raise already eighteen years old. I'm like, oh wow,
• 45:42
  Speaker 6: so is there an age or I mean, when should
• 45:46
  Speaker 6: people start really getting these affairs in order?
• 45:48
  Speaker 5: And then I got a second question. But I want
• 45:50
  Speaker 5: to hear this first.
• 45:51
  Speaker 2: Today. Today is the youngest that you will ever be, right.
• 45:55
  Speaker 2: So I tell anybody that asked me that question today,
• 45:58
  Speaker 2: you know and so what Elise, what if I got
• 46:00
  Speaker 2: a kid started today for them? You know?
• 46:02
  Speaker 7: So?
• 46:04
  Speaker 2: And especially when it comes to insurance policies. You know,
• 46:06
  Speaker 2: you can't buy a term if you're not eighteen years
• 46:08
  Speaker 2: or older. But if I can start a cash value
• 46:10
  Speaker 2: plan for a kid as soon as they get their
• 46:13
  Speaker 2: Social Security number, that's when the insurance companies allow you
• 46:16
  Speaker 2: to get a life insurance policy. As an example, the
• 46:20
  Speaker 2: Rockefeller family, as soon as a kid is born into
• 46:23
  Speaker 2: the family, they immediately start cash value life insurance policies
• 46:27
  Speaker 2: for those kids, right, so that by the time they're
• 46:29
  Speaker 2: eighteen twenty years old, they want to start a business,
• 46:31
  Speaker 2: they want to go to school, they want to get
• 46:33
  Speaker 2: in real estate, they take the loans out from their policies, right,
• 46:37
  Speaker 2: And so that's what I would say, start, you know.
• 46:41
  Speaker 2: So when I started, I was in my twenties, you know.
• 46:44
  Speaker 2: I saw an article, I saw something online, and it
• 46:47
  Speaker 2: was like, man, I need some life insurance. Man, I
• 46:49
  Speaker 2: got a kid back in New Orleans. Anything happens to me.
• 46:52
  Speaker 2: I want to get a million dollar policy, you know.
• 46:55
  Speaker 2: And so I set something up and that from there
• 46:57
  Speaker 2: was ignorant to the rest of it until I actually
• 47:00
  Speaker 2: got into the industry because I had no guidance. Even
• 47:03
  Speaker 2: the person that sold me the policy was just some
• 47:05
  Speaker 2: random person I found online and didn't educate me, right,
• 47:09
  Speaker 2: And so I would encourage everybody, you know, to schedule
• 47:12
  Speaker 2: a time today to sit down with a broker so
• 47:16
  Speaker 2: that you can begin to learn about this stuff so
• 47:18
  Speaker 2: you can implement it today.
• 47:20
  Speaker 5: The other part is the opposite is true.
• 47:23
  Speaker 2: Right.
• 47:23
  Speaker 6: We've seen families who watched a family aging and decide
• 47:26
  Speaker 6: to get policies on aging family members.
• 47:29
  Speaker 5: So like explain it, like how that works.
• 47:31
  Speaker 6: In terms of I guess wealth creation, but ultimately we
• 47:35
  Speaker 6: know everybody is going through pass at some point. Obviously
• 47:38
  Speaker 6: the premims are gonna be a little more expensive, but
• 47:40
  Speaker 6: break that down for the people.
• 47:41
  Speaker 2: Yeah, so a lot of kids come together of their
• 47:45
  Speaker 2: parents and they'll put policy. They'll get together, put their
• 47:48
  Speaker 2: premiums together so that they can pay for their parents' policies,
• 47:51
  Speaker 2: to leave a legacy behind, to pay the house off
• 47:54
  Speaker 2: so they don't lose the house in probate court to taxes.
• 47:57
  Speaker 2: There's no arguing going on because there's a lot of
• 47:59
  Speaker 2: arguing in the black community when someone passes away because
• 48:02
  Speaker 2: we don't have any insurance and we don't have any trusts.
• 48:05
  Speaker 2: Those are the only two things that we see that
• 48:07
  Speaker 2: bypass probate court and causes less problems. Right, nobody can
• 48:11
  Speaker 2: come in and sue us when we got a life
• 48:12
  Speaker 2: insurance policy. You know, nobody from somewhere down the line
• 48:17
  Speaker 2: or uncles say hey, this person owe me money. Nope,
• 48:21
  Speaker 2: just go straight over to the person that it needs
• 48:23
  Speaker 2: to go to. And so we're seeing more and more
• 48:26
  Speaker 2: of gen exis coming together, their siblings coming together to
• 48:30
  Speaker 2: put plans in place with their parents so that they
• 48:33
  Speaker 2: can you know they can receive that money and take
• 48:35
  Speaker 2: care of affairs and put the family in a better
• 48:37
  Speaker 2: place when they pass away.
• 48:40
  Speaker 3: To talk about that a little bit, Like as far
• 48:41
  Speaker 3: as that strategy of you recommend that, Like as far
• 48:46
  Speaker 3: as if it's three three siblings, yeah, the father, mother,
• 48:51
  Speaker 3: and you know they have an insurance policy, you would
• 48:54
  Speaker 3: recommend it. Because some people might look at that it's like, oh,
• 48:57
  Speaker 3: that's more of it. You're trying to profit off you know,
• 49:00
  Speaker 3: your parents dying. But everybody's going to die, but get
• 49:04
  Speaker 3: quicker usually to the finish line than you are.
• 49:06
  Speaker 2: Right, that's the reality of it.
• 49:07
  Speaker 3: So but psychologically, I think you people got to fully
• 49:12
  Speaker 3: understand that part of it. So what would you tell people,
• 49:16
  Speaker 3: like as far as planning, why that's a good idea
• 49:21
  Speaker 3: and why it's not.
• 49:23
  Speaker 7: Like morbid trying to like benefit if somebody dies.
• 49:30
  Speaker 2: Yeah, I would jump in and say, it's not trying
• 49:33
  Speaker 2: to benefit, it's trying to create a generational legacy for
• 49:37
  Speaker 2: the family. Like what do you want your last name
• 49:40
  Speaker 2: to mean? Right? Someone has to start it right, and
• 49:44
  Speaker 2: whoever's the first person to start at their nose is
• 49:47
  Speaker 2: going to get the BLOODI is, like, does anybody remember
• 49:50
  Speaker 2: George Bush's great great great great grandfather's name, Prescott Bush.
• 49:55
  Speaker 2: There you go, somebody remembers it, right, definitely the Bush
• 50:00
  Speaker 2: family remember it right? We know it well, right, somebody
• 50:04
  Speaker 2: started in. So it's like, do you want to be
• 50:07
  Speaker 2: Prescott Bush?
• 50:09
  Speaker 7: Right?
• 50:09
  Speaker 2: Do you want to be Barack Obama?
• 50:12
  Speaker 7: Right?
• 50:13
  Speaker 2: Do you want to be that person that he centrally said,
• 50:16
  Speaker 2: I put it on our back, I put it on
• 50:18
  Speaker 2: my back. We put it on our back to make
• 50:20
  Speaker 2: our family become a legacy moving forward. And it's not
• 50:25
  Speaker 2: trying to capitalize off of someone's death. I think as
• 50:28
  Speaker 2: a community, we got to stop thinking that, oh, they're
• 50:31
  Speaker 2: not going to get rich off of me. But that's
• 50:33
  Speaker 2: why we're still in poverty because you're thinking that somebody
• 50:35
  Speaker 2: is going to get rich off of you.
• 50:37
  Speaker 3: And it could actually help to as far as if
• 50:39
  Speaker 3: they have a mortgage or they like if they die,
• 50:42
  Speaker 3: now you don't have to sell a home for store,
• 50:45
  Speaker 3: or can you use that money to pay the mortgage.
• 50:47
  Speaker 6: Yet the rich at the opposite is true, right, nobody's
• 50:51
  Speaker 6: gonna get rich off of me, but we could be
• 50:53
  Speaker 6: broke off of you.
• 50:55
  Speaker 5: Yeah, I might have to go into debt to now things.
• 50:57
  Speaker 2: Yes, which I experienced it in my family when my
• 51:01
  Speaker 2: grandmother pass You know, I didn't want to cut you off.
• 51:04
  Speaker 1: Yeah, to that point, I was gonna say, all of
• 51:07
  Speaker 1: us are going to leave one or two things behind
• 51:09
  Speaker 1: when we pass away. You're gonna leave behind debt or
• 51:11
  Speaker 1: you're gonna leave behind wealth.
• 51:13
  Speaker 4: That's it. And that wealth could be your legacy plan.
• 51:16
  Speaker 1: And so one of the things that it's time that
• 51:18
  Speaker 1: we start having this conversation and not thinking that, oh,
• 51:22
  Speaker 1: you know, it's a self fulfilling prophecy. Guys, we all
• 51:25
  Speaker 1: know the many you were born one day, we all
• 51:27
  Speaker 1: have an expiration date.
• 51:29
  Speaker 4: Why not be prepared for that?
• 51:31
  Speaker 1: And so to answer I mean your question earlier, I think,
• 51:35
  Speaker 1: and this could be controversial, but I think everybody needs
• 51:38
  Speaker 1: a life insurance policy as early as two weeks old.
• 51:42
  Speaker 1: And it's two weeks old because that's how long it
• 51:44
  Speaker 1: takes for you to have a Social Security number. And
• 51:47
  Speaker 1: instead of investing ten thousand dollars in a gender reveal
• 51:51
  Speaker 1: or baby shower, I notice may be controversial, put that
• 51:55
  Speaker 1: into an index universal life insurance policy where you have
• 51:58
  Speaker 1: a permanent peace of mind you can do, or an
• 52:01
  Speaker 1: annuity you can do. A seven pay premium where you
• 52:05
  Speaker 1: literally pay this off in seven years or ten years.
• 52:09
  Speaker 1: Your child is protected for the rest of your life.
• 52:12
  Speaker 1: And now once the child turns eighteen, instead of going
• 52:15
  Speaker 1: before a bank or applying for student loans, you go
• 52:19
  Speaker 1: before the family's trustee board. You actually learn how to
• 52:22
  Speaker 1: submit a business plan to your family's trustee board. They
• 52:26
  Speaker 1: can approve it. Give you one hundred thousand dollars to
• 52:29
  Speaker 1: go to Stanford, Yale or Howard. Okay, shout out to
• 52:32
  Speaker 1: Howard or Howard, and now you know, the family becomes
• 52:37
  Speaker 1: the bank. I think it's time that our community starts
• 52:41
  Speaker 1: to really take our power back.
• 52:43
  Speaker 4: We don't have to go to banks for loans. We
• 52:46
  Speaker 4: can become the bank.
• 52:47
  Speaker 1: So yes, we teach people how to have the siblings
• 52:51
  Speaker 1: come together. One of the things we found is that
• 52:54
  Speaker 1: it actually reduces stress and allows families to properly mourn
• 52:59
  Speaker 1: and greed. Yeah, because there are two things that we
• 53:02
  Speaker 1: know can disrupt the family, weddings and funerals, and typically
• 53:07
  Speaker 1: it's because there's not enough money. There's there's already a
• 53:11
  Speaker 1: heightened sense of confusion, there's a lot of grief, there
• 53:14
  Speaker 1: may be some regret there. And so if we can
• 53:17
  Speaker 1: at least mitigate the financial lash back, the financial lash
• 53:23
  Speaker 1: I think will be it will be a better service.
• 53:25
  Speaker 3: So for people that's like the kids once again, they're like, well,
• 53:28
  Speaker 3: I don't want to think about my kid dying, so
• 53:31
  Speaker 3: I'm not going to put life insurance on my kid.
• 53:33
  Speaker 7: Yeah, like you would say.
• 53:36
  Speaker 2: So I really get into the cash value plan. Do
• 53:38
  Speaker 2: you want your kid to go to college? Do you
• 53:40
  Speaker 2: want to have to pay for it? You know, our
• 53:42
  Speaker 2: current administration has gotten rid of student loans, so you
• 53:45
  Speaker 2: can't get student loans anymore. Pel grant is only going
• 53:47
  Speaker 2: to be so much. What if you make a certain
• 53:49
  Speaker 2: amount of income by the time they're eighteen, You're not
• 53:51
  Speaker 2: going to qualify for a pel grant, right, and so
• 53:54
  Speaker 2: you got to come up with in an alternative way.
• 53:56
  Speaker 2: Oh well, I can start a five twenty nine plan. Well, yeah,
• 53:58
  Speaker 2: what if your kid wants to go to school lot
• 54:00
  Speaker 2: of state. What if you live in Louisiana and you
• 54:04
  Speaker 2: get accepted to Howard that's in DC. You can't use
• 54:07
  Speaker 2: a five to twenty nine money in DC. You got
• 54:09
  Speaker 2: to use it in Louisiana. You can only use a
• 54:11
  Speaker 2: five to twenty nine in the state that you live in.
• 54:14
  Speaker 2: So you need an alternative option. What if your kid
• 54:16
  Speaker 2: doesn't want to go to school and they want to
• 54:18
  Speaker 2: start a business, right, and they need money to start
• 54:21
  Speaker 2: that business, so you can pull it out of your
• 54:23
  Speaker 2: insurance policy. Right. So don't think of it as a
• 54:28
  Speaker 2: death plan. Think of it as a life plan, right.
• 54:31
  Speaker 2: Think of it as a way to provide something for
• 54:33
  Speaker 2: your kid when they get eighteen twenty twenty five years old,
• 54:36
  Speaker 2: Where they get they can get the money the access
• 54:38
  Speaker 2: that they need to go do what they want in life.
• 54:41
  Speaker 6: I wonder what y'all think about outside you talked about
• 54:43
  Speaker 6: the administration as you look at what we're headed with
• 54:46
  Speaker 6: Trump accounts, which I know you know, go public. I
• 54:49
  Speaker 6: think on July fourth they're trying to have all of
• 54:52
  Speaker 6: them start to get funded, and then everybody born after
• 54:56
  Speaker 6: January first of next year automatically qualifies as a well
• 54:59
  Speaker 6: building s, taking the name out of it, taking the
• 55:03
  Speaker 6: political or fears out of it.
• 55:04
  Speaker 5: Just the idea of those Trump accounts.
• 55:07
  Speaker 2: Well, I tell you like this, as one smart business
• 55:09
  Speaker 2: man be to know what to say. He didn't get
• 55:12
  Speaker 2: to where he's at by not being smart and understanding business.
• 55:15
  Speaker 2: And so I think, you know, if he's trying to help.
• 55:19
  Speaker 2: You know, that'll be great. I'll definitely need to do
• 55:21
  Speaker 2: a little bit more diving into it and what it's about.
• 55:24
  Speaker 2: But anything that's trying to help and I'm for it,
• 55:27
  Speaker 2: you know.
• 55:28
  Speaker 3: So Okay, So before we wrap, let's talk about from
• 55:31
  Speaker 3: an agent standpoint, right, people making a career decision that
• 55:34
  Speaker 3: they want to sell life insurance, they want to be
• 55:35
  Speaker 3: financial services, they want to do how do you help
• 55:38
  Speaker 3: agents become successful? Because most most people don't make it
• 55:42
  Speaker 3: in the business commission based job.
• 55:45
  Speaker 7: What do you teaching them?
• 55:46
  Speaker 3: What's the best practices cold calling, cole canvas and project
• 55:49
  Speaker 3: one hundred like referrals? Why is it a good career
• 55:55
  Speaker 3: path for an agent to go into and how do
• 55:58
  Speaker 3: you make your agent successful? How do you help them
• 56:01
  Speaker 3: become successful? Great best practices?
• 56:05
  Speaker 4: Yes, that's a great question.
• 56:07
  Speaker 1: Well, financial services is the number one industry in the
• 56:11
  Speaker 1: world most likely to make you a millionaire period and
• 56:15
  Speaker 1: life insurance specifically is not just a recession proof, but
• 56:20
  Speaker 1: COVID nineteen revealed that it's pandemic proof when every other
• 56:24
  Speaker 1: thing industry was recession recession proof. I think the government
• 56:29
  Speaker 1: humbled all of us and said, hey, we care nothing
• 56:31
  Speaker 1: about that what is essential. And during COVID nineteen, which
• 56:35
  Speaker 1: is one of the scariest moments in American's history, the
• 56:41
  Speaker 1: size of our company, the size of our clientele quadruple
• 56:45
  Speaker 1: because people were reminded how precious life is. My grandmother
• 56:49
  Speaker 1: would put it to me this way, on your healthiest day,
• 56:52
  Speaker 1: you're still sick enough to die. And so that's that
• 56:56
  Speaker 1: part in terms of just why it would be a
• 56:59
  Speaker 1: good career option. Every single day people pass away, every
• 57:04
  Speaker 1: day people retire, and every day new people are born.
• 57:07
  Speaker 1: Our industry covers all three. This industry, there's you know,
• 57:12
  Speaker 1: you don't have to qualify for a certain credit score.
• 57:16
  Speaker 1: If you have a post, you qualify. If you want
• 57:19
  Speaker 1: to retire, you qualify. If you have a job, you qualify.
• 57:23
  Speaker 1: If you're alive, you qualify. So what we teach our
• 57:27
  Speaker 1: agents at all of what you said from marketing, how
• 57:33
  Speaker 1: to actually grow a healthy, continuous pipeline of clients without
• 57:39
  Speaker 1: having to cold call or doorknock, you know, I think
• 57:43
  Speaker 1: do ever since COVID, we even order door dash and
• 57:46
  Speaker 1: Uber eats, and what do we tell the delivery person
• 57:48
  Speaker 1: leave it at the door, right, So we're no longer
• 57:50
  Speaker 1: doing a whole lot of human and human interaction, especially
• 57:53
  Speaker 1: with strangers. So how do you grow a business without
• 57:55
  Speaker 1: having a cold call or doorknock? That marketing strategy is
• 57:58
  Speaker 1: key number one. Number two, what are your back in operations?
• 58:02
  Speaker 1: How have you optimized efficient back in processes? Whether that
• 58:06
  Speaker 1: looks like onboarding new clients showing up. You know, just
• 58:10
  Speaker 1: because you may be an independent agent doesn't mean you
• 58:14
  Speaker 1: can't have the same commitment to customer service and the
• 58:18
  Speaker 1: unreasonable hospitality, the experience that your clients have with you,
• 58:23
  Speaker 1: like some of the big box names. And so we
• 58:26
  Speaker 1: teach that. The other thing is product knowledge. We are
• 58:30
  Speaker 1: actually still boots on the ground in the field with
• 58:34
  Speaker 1: our agents. Stay in abreast of the most innovative strategies,
• 58:39
  Speaker 1: new products, whether that looks like premium financing, whether that
• 58:44
  Speaker 1: looks like properly structuring retirement plans for athletes, you know,
• 58:49
  Speaker 1: just having that wide range of product knowledge.
• 58:53
  Speaker 4: And I think the other thing is people skills.
• 58:55
  Speaker 2: Definitely.
• 58:57
  Speaker 1: I think social media has crippled us. Sitting across from people,
• 59:01
  Speaker 1: have an eye to eye contact, break in complex topics
• 59:06
  Speaker 1: down so that a third grader can understand it. You know,
• 59:09
  Speaker 1: our client process only encompasses six steps and it's very simple.
• 59:15
  Speaker 1: I tell everybody, you give me a fifth grader tomorrow,
• 59:18
  Speaker 1: with our platform and our blueprint, they will go and
• 59:21
  Speaker 1: build a seven figure agency.
• 59:23
  Speaker 4: It has to be that simple.
• 59:25
  Speaker 1: Guys, stop making I know there's such this huge mystery
• 59:29
  Speaker 1: of who knows you know, who can outthink the next person.
• 59:32
  Speaker 1: The insurance has been the same, The industry has been
• 59:35
  Speaker 1: the same for over two thousand years. There's only two
• 59:36
  Speaker 1: types of insurance, temporary and permanent. And our greatest advantage
• 59:41
  Speaker 1: is that we don't over complicate it.
• 59:43
  Speaker 4: This industry is simple.
• 59:45
  Speaker 1: It's necessary, but you do need a license and you
• 59:48
  Speaker 1: do need product expertise.
• 59:51
  Speaker 6: My final thing is you've created a business. You've done
• 59:56
  Speaker 6: it together. I want to have from you both. That's
• 59:59
  Speaker 6: the most challenging part are working with your partner. Oh
• 1:00:02
  Speaker 6: my god, depends on now, depending on the car, right
• 1:00:05
  Speaker 6: head right, that could change. But you've done it for
• 1:00:08
  Speaker 6: some years now is what is the biggest challenge that
• 1:00:11
  Speaker 6: you faced.
• 1:00:13
  Speaker 2: The hardest thing in the beginning is just learning how
• 1:00:15
  Speaker 2: to work together. And so I think we've we've sped
• 1:00:19
  Speaker 2: up the like the amount of you know how people say, oh,
• 1:00:22
  Speaker 2: how did you last thirty years? We've made it to
• 1:00:24
  Speaker 2: thirty years with the amount of experience that we have
• 1:00:27
  Speaker 2: with each other. And it's because when you only people
• 1:00:30
  Speaker 2: pretty much only know their spouse when they're home. You
• 1:00:34
  Speaker 2: don't know your spouse when they go to work, so
• 1:00:36
  Speaker 2: you don't know how good they are in communication skills,
• 1:00:39
  Speaker 2: or how good they are with being timely, or how
• 1:00:42
  Speaker 2: good they are with their you know, just being organized.
• 1:00:45
  Speaker 2: And then you come together and try to build a
• 1:00:47
  Speaker 2: business and you're like, oh my god, I cannot believe
• 1:00:52
  Speaker 2: this person is this unorganized. So I can't believe this
• 1:00:55
  Speaker 2: person took you know, that long to go to lunch
• 1:00:58
  Speaker 2: or you know, it's just learning that learning those those
• 1:01:02
  Speaker 2: little quirks that you have, and it ain't gonna lie
• 1:01:04
  Speaker 2: to you man. Beginning, it's it's a lot of arguing.
• 1:01:07
  Speaker 2: We had a lot of arguments. We had a lot
• 1:01:10
  Speaker 2: of arguments, but it made us stronger, it made us tougher,
• 1:01:13
  Speaker 2: and it made us to the point where was like,
• 1:01:15
  Speaker 2: we can overcome anything, because if you learn how to
• 1:01:18
  Speaker 2: work with your spouse, you become an unbreakable force.
• 1:01:23
  Speaker 5: I feel you.
• 1:01:24
  Speaker 4: Yeah, yeah, I think I agree. You know, it's.
• 1:01:30
  Speaker 1: I you know, being married to my business partner has
• 1:01:34
  Speaker 1: reinforced my love. It's strengthened my level of vulnerability, you know,
• 1:01:43
  Speaker 1: because there is no hiding here. So we know each
• 1:01:47
  Speaker 1: other's strengths, weaknesses, fears, insecurities, We process issues. I do
• 1:01:54
  Speaker 1: think the friction comes in when we have to be
• 1:01:56
  Speaker 1: each other's accountability partner. That's tough, yeah, because you know,
• 1:02:01
  Speaker 1: even in the beginning, we had to set a hard line, like, look,
• 1:02:04
  Speaker 1: it ain't no business in the bedroom.
• 1:02:06
  Speaker 4: When you cross this threshold.
• 1:02:08
  Speaker 1: We're not talking about systems, you know, new technology, you know,
• 1:02:13
  Speaker 1: and you got to set those boundaries if you're in
• 1:02:16
  Speaker 1: business with your spouse. You know, there's some moments where
• 1:02:19
  Speaker 1: my husband, he wants me to be jazzed. You know,
• 1:02:22
  Speaker 1: his his his wife, his woman. And then there are
• 1:02:25
  Speaker 1: other moments I'm his business partner. There are moments where
• 1:02:28
  Speaker 1: he's my friend. You know, I just need advice from
• 1:02:31
  Speaker 1: a friend. And some of that is you know, he's
• 1:02:34
  Speaker 1: able to since when you know, I've been either under
• 1:02:39
  Speaker 1: a lot of pressure or I'm just going going going,
• 1:02:41
  Speaker 1: whether that be traveling back to back, and he's able
• 1:02:43
  Speaker 1: to say, babe, you know when you make it back
• 1:02:46
  Speaker 1: in town, take two days off, go to the spot.
• 1:02:48
  Speaker 4: I need that.
• 1:02:50
  Speaker 1: I need that not from my business partner, but I
• 1:02:52
  Speaker 1: need that from my spend.
• 1:02:54
  Speaker 4: Yeah.
• 1:02:55
  Speaker 3: Talk about invest Fest. What do you guys have planning
• 1:02:57
  Speaker 3: and you're speaking on invest Fest. Yeah, give us the
• 1:03:01
  Speaker 3: rundown for.
• 1:03:02
  Speaker 2: That, man. Invest Fast is going to be crazy. We're
• 1:03:04
  Speaker 2: so excited to be there. Everything that you just heard
• 1:03:07
  Speaker 2: us talk about here, Man, we're going to be diving
• 1:03:09
  Speaker 2: deeper into that. You know, how you can really put
• 1:03:12
  Speaker 2: these plans in place for yourself. You know, we'll be
• 1:03:14
  Speaker 2: setting up afterwards and meeting with people at our booth
• 1:03:17
  Speaker 2: obviously on how to set the plans up and then
• 1:03:20
  Speaker 2: also how to become an agency owner, how to build
• 1:03:23
  Speaker 2: a seven figure agency. We're going to dive into that
• 1:03:25
  Speaker 2: too as well, and so you know, a lot of
• 1:03:28
  Speaker 2: information is going to be given there. Man. We can't
• 1:03:30
  Speaker 2: wait to get there to help people set the foundation
• 1:03:33
  Speaker 2: and just really understanding what this industry is. And then
• 1:03:36
  Speaker 2: to add on top of that, right with everything else
• 1:03:38
  Speaker 2: that's going on and invest Fest.
• 1:03:40
  Speaker 1: Yeah, I would just add, I mean, I would add
• 1:03:42
  Speaker 1: kudos to you to the energy and that place is insane.
• 1:03:47
  Speaker 1: The hunger from the people who attend invest Fast. It's
• 1:03:52
  Speaker 1: a match We've attended hundreds of financial conferences, but to
• 1:03:59
  Speaker 1: see the hunger Man from people who look like us
• 1:04:02
  Speaker 1: and they they're just they're coming to learn, they're ready
• 1:04:05
  Speaker 1: to invest right. And so if you you know, are
• 1:04:10
  Speaker 1: coming and you like, hey, man, I want a legacy plan.
• 1:04:13
  Speaker 4: I want a legacy that outlives me. I didn't come from.
• 1:04:16
  Speaker 1: A wealthy family, but a wealthy family will come from me,
• 1:04:19
  Speaker 1: then you definitely want to make sure you attend our
• 1:04:21
  Speaker 1: workshop because we're going to be talking about everything from
• 1:04:24
  Speaker 1: you know, how to leverage the life insurance industry to
• 1:04:27
  Speaker 1: get into real estate investing. We're going to be talking
• 1:04:29
  Speaker 1: about how to leverage the industry for proper retirement planning,
• 1:04:34
  Speaker 1: tax write offs.
• 1:04:35
  Speaker 4: I mean, we got so many jam packed gyms.
• 1:04:39
  Speaker 1: We're going to be doing some role plan We're gonna
• 1:04:41
  Speaker 1: be calling some people up on stage, and like Ellis said,
• 1:04:44
  Speaker 1: you know it's really going to culminate to we're going
• 1:04:48
  Speaker 1: to be doing thirty free on site wealth building consultations
• 1:04:53
  Speaker 1: every day at Investvest.
• 1:04:55
  Speaker 4: So we're looking forward to it.
• 1:04:56
  Speaker 5: I'm looking forward to it. That's right.
• 1:04:58
  Speaker 6: I like that line from a wealthy family, but a
• 1:05:01
  Speaker 6: wealthy family will come for me, that's powerful, then we're
• 1:05:03
  Speaker 6: gonna go with that that's impactful.
• 1:05:05
  Speaker 3: We'll make sure you guys are there August seventh through
• 1:05:08
  Speaker 3: August ninfe in Atlanta. How can they follow you? Social media, website,
• 1:05:13
  Speaker 3: all that stuff.
• 1:05:14
  Speaker 2: So mine is just my name, Elis E L L
• 1:05:17
  Speaker 2: I S Dot s u A z O on Instagram
• 1:05:20
  Speaker 2: and Facebook, and then Wealth Academy Network is our business
• 1:05:26
  Speaker 2: page and.
• 1:05:26
  Speaker 1: Then I am Jazmine Suazo on all platforms.
• 1:05:29
  Speaker 2: There you go. There you have it.
• 1:05:31
  Speaker 7: Thank you guys for rocking much for you next week,
• 1:05:33
  Speaker 7: pease please